What is Reduced Standby Charge?
Note: employer must specify that the vehicle is required for business use - and -
that it is used 50% or more for business purposes as measured by kilometres travelled
100
The total value in excess of $500 annually is taxable
What are GIFTS AND AWARDS
100
15%; 22%; 26%; 29%
What is the 2013 Federal Personal Tax Brackets and Rates
100
means between living persons.
What is Inter Vivos
200
Involves activities and transactions that reduce or eliminate tax
What is Tax Planning
200
● personal use of frequent flyer program points earned through employer-paid business trips;
● employer’s payment of travel expenses for employee’s spouse unless spouse is engaged in supporting the employer’s business;
● employer-paid travel benefits for employee if not engaged in business activities;
● employer-paid travel benefits for employee’s family;
● employer-paid transportation costs to or from work (other than if a safety issue); and
● employer-paid parking.
What is "other taxable benefits"
200
refers to income that the taxpayer has earned but has not yet been received
What is accrual method (annual accrual basis)
200
form T2200
What is Declarations of Conditions of Employment
200
generally occurs when the proceeds of the disposition are less than it cost to acquire (ACB)
What is Capital Loss
300
Illegal and can subject the taxpayer to both criminal and civil prosecution
What is Tax Evasion
300
● salary;
● wages;
● bonuses;
● vacation pay;
● commissions;
● tips and gratuities;
● honorariums;
● director’s fees; and
● executor and administrator’s fees received for administering an estate (except if the
individual acts in this capacity as a regular course of business).
What is Employment Income?
300
must be included in income and are not eligible for the gross-up calculation or DTC or any other special tax treatment
What are DIVIDENDS FROM NON-RESIDENT CORPORATIONS
300
●The workspace is the individual’s principal place of business; or the workspace is used exclusively for the purpose of earning income from business; and
● The workspace is used on a regular and continuous basis for meeting clients, customers, or patients.
What is the criteria for Deductions for Workspace in the Home
300
applied to the situation where a taxpayer incurs a loss on the
disposition of capital property while an identical property is acquired or reacquired by the taxpayer or an affiliated person within the period of 30 days before and 30 days after a
disposition
What is Superficial Loss
400
● had no tax payable on income for the year;
● was resident in Canada sometime during the year but did not incur any capital gain or
dispose of capital propert y;had no tax payable on income for the year;
Who Does Not Have To File?
400
Used in calculating the taxable benefit associated with loans to employees incorporates
What is Prescribed Interest Rate?
400
● replacement of a wooden porch with a concrete porch;
● new garage; and
● replacement of a series of old windows.
What are Capital Expenses?
400
$2,152 or 3% net income is the equivalent of a deductible amount or a threshold
What is the Medical Expense tax credit
400
carried back three years; and carried forward 10 years. reverts to a net capital loss, which can be carried for ward indef initely and used to reduce taxable capital gains.
What is Allowable Business Investment Loss (ABIL)
500
Must pay a basic withholding tax of 25% on income
earned from such sources as management fees, interest, estate or trust income, rents, royalties,
and pension benefits.
Who/What is a Non-Resident?
500
A loan to an employee who moves 40 kilometres closer to work
What is a Home Relocation Loan
Note: The employer reports the total interest benefit and during the first five years of the loan, the employee is entitled to claim a deduction equal to the taxable benefit amount charged on the first $25,000 of the loan.
500
●discounts on merchandise available to general employee population (not select employees);
● uniforms and special clothing; and
● subsidized meals.
What is "Other NON taxable benefits"
500
calculated by multiplying $400 by the number of months the taxpayer is enrolled as a full-time student or by multiplying $120 by the number of months the taxpayer is enrolled as a part-time student
What is Education Amount
500
a notional account available to private corporations, to integrate corporate and personal income tax on the receipt of items such as capital gains and the proceeds of life insurance policies received by the corporation.